KLCI higher on China sentiment

KLCI higher on China sentiment
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KUALA LUMPUR (Nov 4): The FBM KLCI rose 8.06 points or 0.48%, tracking Asian shares on better China economic sentiment.
Reuters reported the market was underpinned earlier by comments from China President Xi Jinping on the economy and Beijing's proposal of its 13th five-year plan, a blue-print for economic and social development between 2016 and 2020.

Quoting Xinhua, Reuters reported that Xi said China can maintain annual economic growth of around 7% over the next five years, but there were uncertainties, including weak global trade and high domestic debt.

In Malaysia, the KLCI closed at 1,685.62 points at 5pm, mainly lifted by oil and gas counters.

"The rise in the benchmark index was mainly driven by the increase in oil and gas and selected heavyweight stocks," Malacca Securities Sdn Bhd technical analyst Loui Low told theedgemarkets.com over telephone.

Across Bursa Malaysia, gainers outnumbered decliners at 558 versus 333. A total of 2.67 billion shares, valued at RM2.47 billion, exchanged hands.

Major advancers included Kuala Lumpur Kepong Bhd and Hong Leong Financial Group Bhd.

Top decliner was British American Tobacco (M) Bhd, while the most actively-traded stock was Hibiscus Petroleum Bhd.

Asian shares rose. Japan's Nikkei 225 closed 1.3% higher, while South Korea's Kospi climbed 0.21%.

In China, the Shanghai Composite jumped 4.3%, while Hong Kong's Hang Seng added 2.15%.

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